Cash handling devices are used at a variety of locations such as, for example, retail locations. Usually, retail locations will have a plurality of point of sale devices such as, for example, cash registers at locations throughout the store.
Currently, retailers must manually enter or download point of sale data from each point of sale device. The retailer must then manually count and/or recount currency in the till for the point of sale device in order to generate an actual cash count. The retailer must manually enter the actual cash count into a point-of-sale tracking system. Overages and shortages are then calculated.
This reconcilement activity is frequently facilitated through balancing individual register drawers. The total is summed and then forwarded to a corporate accounting function. This allows a corporation to monitor discrepancies between actual and expected store cash balances. Additionally, it gives corporate line of sight into upcoming deposits, which further assists with the reconcilement activity. Oftentimes, point-of-sale information is automatically provided from a store personal computer via an intranet connection. This provides the “expected” cash deposit. Point-of-sale (POS) information may also be keyed into the store personal computer via a software program by a manager and transmitted to corporate via an intranet or Internet network. In addition to POS sales information, a store may also communicate detail or summary level information on the cash deposit for that day. At the end of each shift (or at the end of the day) a manager will enter this data in a back office system for the purposes of communicating the “actual” cash deposit. The data entry may be facilitated by the manager in several ways. The manager (or others) may count the bills manually for each drawer and make an entry into a cash office computer system to specify the total deposit for the day. Alternately, the manager (or others) may place cash/coin into counting devices (e.g. cash discriminators, or cash/coin scales) that transmit data automatically to a back office system. Frequently, POS sales data and deposit data are sent to the corporate accounting function concurrently. The information is stored in a reconciliation program and the books are finally closed when the bank transmits deposit information a few days later. Of course, if there is a discrepancy at that point, corporate accounting works with the store to determine the root cause of the discrepancy.
This type of reconciliation process is labor intensive. In addition, real time information about receivables for the retailer is not available. This is further complicated by the fact that certain transactions, such as credit card transactions, typically do not clear until sometime overnight or the day after the sale. Accordingly, retailers are typically able only to obtain receivable information a day or two after the transactions took place.